Market Closes - October 4, 2017

Corn and soybean futures posted minimal changes but futures closed off the day’s lows. Corn moved to new lows early morning and then rallied. Soybeans followed a similar pattern but had a stronger rally and closed with 3-cent gains. Soybean futures did not trade below yesterday’s lows. There’s a lack of news to move the market. Wheat closed lower, reversing Tuesday’s gains.

Cattle futures traded higher through mid-morning, but then weakened the rest of the day and closed mostly lower and at/near the day’s lows. The sell-off probably resulted from disappointment in the $108/cwt price traded at the online Fed Cattle Exchange. In box beef, Choice down 0.46 at 197.41; Select up 0.53 at 189.55. Beef packers have very strong operating margins so there’s room for cash cattle prices to rise.